Deribit today (7) via the X platform stated that tomorrow, over $4.9 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts will expire. Will the market experience significant volatility? (Background: Rich Dad hopes Bitcoin will drop below $90,000 in August: I can double my investment when BTC crashes, the 'August curse' will only make you richer) (Additional background: Bitcoin volatility is concerning! Matrixport: There's a greater chance to rise if it doesn't drop below $105,000) The cryptocurrency derivatives trading platform Deribit today (7) via the X platform stated that tomorrow, over $4.9 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts will expire: Tomorrow, there will be over $4.9 billion in Bitcoin and Ethereum options expiring on the Deribit platform. Bitcoin: Notional value $4.15 billion | Put/Call ratio: 1.38 | Maximum pain: $115K Ethereum: Notional value $792 million | Put/Call ratio: 1.06 | Maximum pain: $3,600 Open interest (OI) distribution shows puts clustered below the spot price while calls are concentrated at higher price levels. Do you think this expiry will cause turbulence in the market? Options Expiry Alert Tomorrow, over $4.9B in BTC & ETH options are set to expire on Deribit. $BTC: $4.15B notional | Put/Call: 1.38 | Max Pain: $115K $ETH: $792M notional | Put/Call: 1.06 | Max Pain: $3,600 OI distribution hints at puts clustered below spot, calls… pic.twitter.com/wF4AEXAv7F — Deribit (@DeribitOfficial) August 7, 2025 Investor sentiment: Cautious with Divergence Data from the Deribit options market reflects the current investor sentiment: The put/call ratio for Bitcoin is as high as 1.38, indicating significant investor concern over a short-term price drop for Bitcoin, possibly reflecting a cautious attitude towards global economic uncertainties (such as US interest rate policies and Trump tariffs). In contrast, the put/call ratio for Ethereum is 1.06, nearly flat, indicating a more neutral market sentiment. This may be related to recent large-scale institutional adoption of Ethereum and the potential staking of a US Ethereum spot ETF, but a clear trend seems to be lacking in the short term. Additionally, the distribution of open interest further reveals market dynamics: puts are concentrated below the spot price, meaning investors have set protective positions at lower price levels, which may provide some support for prices; while calls concentrated at higher price levels may form potential resistance. Market Impact After Expiry: Short-term Turbulence Inevitable? Such a large-scale options expiry typically has a significant impact on the cryptocurrency market in the short term. First, the massive options expiry may trigger price volatility. The $4.15 billion options size for Bitcoin far exceeds that of Ethereum, and the maximum pain point of $115,000 may become a short-term resistance level, with institutions or hedge funds possibly trying to push the price towards this level to reduce the payment costs for call options. This could lead to downward pressure on Bitcoin around the expiry date. The maximum pain point of $3,600 for Ethereum may attract the price towards it at expiry, creating a 'magnetic effect.' At the same time, a large number of options expiring usually coincides with increased hedging activity. Market makers and institutions may adjust their positions in the spot or futures markets, increasing trading volume, but may also amplify price volatility due to insufficient market liquidity, potentially triggering a gamma squeeze, leading to abnormal price jumps. Related Reports Investigating Pantera Capital founder: The legendary thousand-fold investment in Bitcoin at $65 Empowering Bitcoin DeFi, Bitlayer launches token sale on CoinList Which potential meme coins does AI analysis predict to be promising in 2025? "BTC, ETH volatility warning? Deribit’s nearly $5 billion options expire tomorrow (8), what should investors pay attention to?" This article was originally published on BlockTempo (the most influential blockchain news media).

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